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The Truth About Greenville, Sc Real Estate

The Truth about Greenville SC Real Estate

Over the course of the past few months, and longer in many cases, we have heard about the dismal state of the real estate market.  This includes declining prices in many markets, increased inventory, and increased foreclosure rates.

Greenville, South Carolina has managed to escape many of the declining trends seen in other markets, as our prices continue to rise, and the rate of foreclosure continues to be one of the lowest in the United States.

In a report released by the National Association of Realtors on August 14th, 2008, the US median price of existing single-family home fell 7.6% from $223,500 to $206,500 in 2nd quarter.  This is in sharp contrast to Greenville, SC, where the median price of an existing single-family home rose 5.1% in 2nd quarter according to the same report.  Greenville, SC had the 9th highest appreciation rate of the 157 metropolitan areas included in the report.

Much of the logic surrounding Greenville’s market success is the fact that home prices in Greater Greenville never experienced the “bubble” seen throughout much of the country.  Home values in Greenville, SC have always remained stable, and the economy in general is in a growth period with businesses expanding or relocating to the area on a regular basis.

Another worthwhile comparison is the existing inventory or supply.  This is also sometimes referred to as the absorption rate.  An article from the National Association of Realtors showed the overall supply of homes in the US at 11.1 months, up from 10.8 months the quarter before.  This shows the US as being strongly on the side of a buyer’s market, which is typically described as anything above a 7 month supply.  According to data from the Greenville, SC MLS, as of August 8th, 2008 Greenville’s supply was approximately 6.44 months.

Foreclosure is yet another areas in the market, where the US has been hit hard.  This is primarily due to poor lending practices, but some consumers also made poor decisions with adjustable rate mortgages.  Every quarter, RealtyTrac publishes data regarding foreclosures for the top 100 metro areas based on population.  In July of 2008, RealtyTrac’s report showed that 1 of every 171 US households had a foreclosure filing.  Yet again, a sharp contrast to Greenville, South Carolina where 1 in 492 households had a foreclosure filing, the 88th ranked market in a report of the largest 100 metro areas.

As I hope this information shows, Greenville, SC real estate continues to thrive.  The interesting part about this information is the fact that buyers still seem hesitant to purchase.  I feel that the media has generalized the real estate market, and failed to report on local statistics, which has helped contribute to fewer buyers being in the market to purchase.  The number of homes sold is one area where numbers are declining in Greenville, SC.  Many of these potential buyers are in our local market, which defies logic, given upwards trends in price, and the potential for higher interest rates in the future. 

In terms of future projections, The PMI Group Inc. showed Greenville, SC as having a less than 2% risk of decline in average price over the next 2 years.  This was published in their Summer 2008 Risk Index.

Click here for more information about Greenville SC Real Estate.  My website includes over 5 years of Greenville SC Real Estate Statistics, the ability to search Greenville SC homes for sale, my featured listings, and information for those looking to buy or sell real estate in Greenville, South Carolina.

Real Estate Investment – 5 Changes in the 2008 Market

Things are rapidly changing in real estate investment and smart, resourceful, pre-foreclosure investors will have their best year in 2008. Those investors who continue doing the â??same old, same oldâ?? hoping for the results they got three years ago, will perish.

Investors resistant to change who take on the rigidity of the Sequoia tree will be forced to crash into the ground of financial failure by the changing real estate winds. Smart investors are like palm trees, willing to be flexible with the changing winds. Theyâ??ll generate huge profits, adapt to the new real estate market and increase their net worth substantially in 2008.

There are two things you should know about the future of real estate investment. One, there will be more foreclosures this year than last and two; there will be fewer investors able to successfully complete a short sale. Based on this information Iâ??ve created five Pre-foreclosure Predictions for 2008. Read them and keep them in mind as you get to work in this new year ahead.

Five Short Sale Predictions for 2008:

Volume counts more than quality. Successful investors will see that their spreads per deal are falling and to grow and continue at the rate they are used to, they have to do more deals with less time. This will force investors to create seamless systems or perish. Double closings are on their last leg. There will be creative ways to do options and there will always be a few “on the DL” title companies that might do them, but they are harder and harder to find. The perfect timing needed between getting short sale approval and actually closing with your end buyer becomes more difficult with a softening nationwide market. Plus, the pressure for those title companies to conform will outweigh their ability to capitalize by being one of the few shops in town willing to do these double closings. The deep discount that once sold your houses in a weekend aren’t as alluring as they once were with the over abundant supply of discounted options including Real Estate Owned homes (REOs), other short sales, and new build discounts on homes. This in combination with tougher financing and less flexible loan products for investors, make timing even more challenging to pull off a successful double close. A Realtor must be utilized on the successful investorâ??s team as a way to generate revenue. If there’s not the spread between the first Department of Housing and Urban Development (HUD) deal and the second, then a 3% commission is better than a sharp stick in the eye. Even on a bad month when your company does only four homes but gets the 3% commission on each home, with a sales price of $150k thatâ??s still okay! Education must improve. End strategies must evolve. Let’s face it; many of us (including myself) loved the idea of doing short sales because there were no tenant issues involved. It used to be, beat the price down on the mortgage, sell it for a discount, try to make $20k minimum a deal, rinse, repeat. In this new market we must branch out into other areas of real estate, from managing rental properties to setting up lease-to-own option properties in order to survive and still make that profit. This branching out comes with a need for further education. Private cash is key. Having access to cash will be vital for huge success in real estate. Investors can use this cash for a variety of reasons. Successful investors will use it to do “transactional financing.” They will use it to buy a house that they shorted because it is in need of repairs. Then, after they fix it, either hold it until they flip or refinance and do a standard lease, lease/option, or lease purchase.

It is a clear indicator of weak and outdated investment information if you are getting real estate investment tactics from some guru who isnâ??t addressing the ‘changing winds’ of our economy, or at least mentioning them.

The idea of property management invokes thoughts of repairs, vacant houses, insurance issues, trashed properties and so on. It sounds like a chore to change your tried and true practices. However the practice of holding properties, getting Realtors on your team, setting up auctions, practicing aggressive marketing, and many other strategies and tools will need to be utilized in this soft nationwide market for a successful year in 2008.

At RealEstateInvestor.com we have worked hard to gather the best and most current information concerning our rapidly changing real estate market. If you have the right education, the right team, and the right resources developed, you can beat the competition in 2008. While other investors are picking up their old stock market courses as they hang their head in shame, you will clean house!

What is In Store for South Florida Real Estate In 2008

When we speak of South Florida, it refers to the southeastern part of Florida State comprising of the counties of Miami-Dade, Broward and Palm Beach, which include the Gold Coast region. Real estate strategists are of the opinion that the real estate market in Florida is going to be very profitable in the year 2008 even though this market has experienced some problems during 2007. The rate of mortgage closure during this period was quite high; however, experts analyzing the market agree that 2008 will definitely see a turn around although with some price adjustments during the early part of the year.

Beginning 2008, investing in South Florida real estate is going to be a wise move. Boca Raton, Fort Lauderdale, and Pompano Beach and other areas that have already been booming real estate investment havens since the last several years are expected to continue following the trend.

Broward county real estate investment is said to have very good potential for growth because of many reasons. The Broward County School District is the fifth largest school district in the US with an extensive network of schools, colleges and universities with a large student population. The county also has one of the largest public library systems in the country. Due to its beautiful beaches, excellent weather and a government that is tourist friendly, it is a popular destination encouraging a regular influx of domestic and international tourists. More students and tourists with housing needs cater to a flourishing real estate market.

The Miami-Dade County, more commonly referred to as just Miami is another excellent place for making a real estate investment in 2008. With provisions for all modern amenities to cater to people’s benefit and extremely advanced infrastructural facilities that include highly developed transportation systems leading to easy and heightened connectivity to all states, it is a favored destination for people to settle. There is a street grid stretching from Miami throughout the country since over half a century. More that 16000 single family homes and over 25000 condominiums available for sale along with predictions for a boom in the real estate market in 2008 presently categorize it as a buyers market. Now is the time to buy one of the picturesque houses in Miami before the opportunity ends with the approaching New Year.

Palm Beach County offers great investment property by way of beautiful waterfront condominiums in Palm Beach along with other property. The place derives its name from the multitude of palm trees and beaches in the area. Due to the fall in Palm Beach county property prices, it makes sense to invest in real estate there keeping in view the expected up trend during 2008. Another good way for real estate investment in Palm Beach County is to buy foreclosure property. It is now easy to locate such property, as many agencies provide daily reports on all foreclosure listings in Palm Beach County for a little fee. This can let you directly contact a seller to negotiate a sale before the property is sent for public auction.

In view of the general fall in real estate prices in the country, making a real estate investment in profitable areas like South Florida can provide a positive growth to your investment in 2008, which you can expect to be good if it not spectacular.

Real Estate Rules Stock Markets

Commanding a staggering market capitalization of Rs 61 lakh crore at the Bombay Stock Exchange (BSE), the Indian real estate builders have come a long way. Most importantly, this volume of market capitalization is formed out of the 14 top-listed real estate companies only, and the muscle of the sector is quite strong given the fact that about 300 real estate builders are listed on the exchange.

Interestingly, the market capitalization of Indian real estate sector is expected to rise in a phenomenon way, according to investment institutions. As per BSE reports, the current share of real estate sector at BSE is about 5 per cent, which is much below than the global norms of 15 per cent. Now that Indian stock markets are no way less than its global counterparts like Dow Jones, FTSE, Kospi, Nikkie, and Hang Seng, it is a globally acknowledged view that Indian real estate sector, with all its potential and growth dynamics, is set to expand its base in the financial markets.

Real estate: investors’ dream land

As far as investment prospects are concerned, the Realty Index managed to clock returns of as much as 46.84 per cent in the past year. The index, which hovers around the levels of 10,500 today, was recorded at 7,218 in February 05, 2007. And thus it is not surprising, Indian real estate has emerged up as one of the most favourite sectors for investors today.

However, investing in Indian real estate companies has become too tricky in the volatile market conditions in the past three quarters. The Realty Index has shown variation of more than 100 per cent between August 2007 and February 2008. The index, which reached the peak of 13,848 on January 08, 2008 was seen at an all time low of 6,485 on Aug 22, 2007. A period of just five months!

Updates on Indian real estate:

. Initial Public Offering (IPO) on the anvil: Emaar MGF.

Price band per equity share is Rs 610-690. Issue starts on Feb’ 01, 2008 and closes on Feb’ 06, 2008.

. Indian real estate companies that form BSE Real Estate Index: DLF, Unitech, Omaxe, Parsvnath, Sobha Developers, Ansal Infrastructure, Puravankara, Mahindra, Indiabulls, Phoenix, Anant Raj, Penland and Housing Development Corporation.

For more details on India Real Estate, log on to magicbricks.com

Irn Realty Looks For Real Estate Growth In 2008

Despite the decline in the real estate market, IRN Realty is not only alive but is actually looking to grow in 2008. With many area real estate companies closing its doors or downsizing, this Southern California real estate company is thriving.

”In the first quarter of 2008, we’ve had an almost 25% increase in sales from last quarter and a substantial amount of new agents joining our office”, said David Cheng, who founded the company in 1998.

In a time when foreclosures, short sales, and defaults dominate the news, the company offers a fresh breath of relief for both consumers and real estate agents. The management credits their success to their unique compensation system to their associates when they help a client buy or sell a home.

IRN Realty’s agent-centered system pays associates 25% or more than their previous companies for making a sale. In a time when sales are harder to find, this can make a huge difference in an agent’s income when they need it the most.

”We’re very different from the traditional Coldwell Banker, Century 21, and Re/Max offices. We focus on giving the agent more and in turn agents can use those additional resources to better serve their clients. That way, everyone’s happy.”

And that’s not all. The company is looking for even more ways to help better service their clients. They currently have a mortgage department, offer commercial real estate services, and have just completed a new, more user-friendly website at http://www.irnrealty.com so home buyers can search for homes more effectively.

The company works especially hard to provide agents with the tools and facilities necessary to deliver better service to their clients. They offer over a hundred workstations across their three locations for them to use, each complete with phone, computer, and real estate contract software, all at no charge. Other companies charge agents a monthly fee for a phone and desk and are required to provide their own computers.

However, the company’s dedication to the industry extends beyond its own agents. Currently, the company employs a policy that allows agents to roam to any of their three branch offices, enabling them to service a larger area. But they go even further, inviting agents from outside the company to use any of their offices, conference rooms, and computers if they happen to be servicing a client in the area.

”Many of the agents who come in to use our office while serving out of area clients end up actually joining after seeing how we operate. We’re always open to everyone, no matter what company”, he added.

These are only a few of the examples of why the company has grown so quickly. Since establishing the company in 1998, the company has gone from 7 real estate agents to over 500 at the beginning of 2008. Much of the growth can be attributed to the hard work and dedication of the management team who stand by their belief that by providing more, the company will attract more and better people.

Today, the company continues to grow rapidly. In the first quarter of this year over 50 new real estate professionals joined IRN Realty from other companies, many from the Coldwell Banker, Century 21, and Re/Max offices in the area. In 2008, the company hopes to reach 700 real estate professionals. And they might just do it.

Real Estate Can Still be Great in 2008

Many times when real estate is not doing well in the general marketplace, there is a feeling that its not a good time to buy and sell property. Its normal to think that if the market is not doing well or if their are allot of foreclosures, its probably not a good time to get involved with making any transactions. That thought is not wrong but it also doesn’t mean that their are not any good transactions.

During a down time in real estate, that means that more properties are in play and so their still may be a good zone for resale profit. If your local area has properties for sale, its good to research your area and determine if any opportunities to buy and sell for a profit.

If you are flipping the house, calculate in all the repairs and fixes and then figure out if you can make profit. Speak with a Real Estate Coach if possible. Make a good plan and include all the required items the renovation will need accounting for. When real estate is not doing well, that does not by default indicate that all the good deals are gone. Its a good time to look at deals that maybe you passed over in the past

or didn’t review before. When allot of deals are not doing well, they may enter back into the mix of the marketplace and therefore creating more deal possibilities.

Real Estate can be great in 2008, You should look and focus on what deals exist and how creative can you be to make a profit. Properties go on and off the market on a daily basis. Some of these offerings have good potential making money. If the market continues to be somewhat rough, just keep focused on the main goal of making money so review each deal in advance to determine if it has profit potential.